Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Update

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 22,680,000 shares, an increase of 14.7% from the December 31st total of 19,770,000 shares. Currently, 9.5% of the shares of the stock are sold short. Based on an average daily volume of 10,470,000 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analyst Weigh In

CIFR has been the subject of several recent analyst reports. Macquarie upped their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, November 15th. JPMorgan Chase & Co. raised shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price objective for the company in a report on Tuesday, December 10th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $8.14.

Cipher Mining Trading Up 0.3 %

CIFR stock traded up $0.02 during trading on Wednesday, reaching $5.83. The company had a trading volume of 1,063,156 shares, compared to its average volume of 11,843,657. The business has a 50 day moving average of $5.65 and a 200 day moving average of $4.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $2.03 billion, a P/E ratio of -44.42 and a beta of 2.40. Cipher Mining has a 52 week low of $2.40 and a 52 week high of $7.99.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company's stock, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,281 shares of company stock worth $2,384,189 in the last quarter. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. Nisa Investment Advisors LLC lifted its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after acquiring an additional 5,432 shares during the period. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the 3rd quarter worth approximately $33,000. KBC Group NV bought a new position in Cipher Mining in the 4th quarter valued at approximately $46,000. Apollon Wealth Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter worth $49,000. Finally, Xponance Inc. purchased a new position in shares of Cipher Mining in the second quarter worth $45,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.